Billing Code 6210-01-P
FEDERAL RESERVE SYSTEM
Proposed Agency Information Collection Activities; Comment Request
AGENCY: Board of Governors of the Federal Reserve System.
ACTION: Notice, request for comment.
SUMMARY: The Board of Governors of the Federal Reserve System (Board) invites comment
on a proposal to extend for three years, with revision, the Reports of Foreign Banking
Organizations (FR Y-7N, FR Y-7NS, and FR Y-7Q; OMB No. 7100-0125).
DATES: Comments must be submitted on or before [insert date 60 days after publication in the
Federal Register].
ADDRESSES: You may submit comments, identified by FR Y-7N, FR Y-7NS, and FR Y-7Q,
by any of the following methods:
•

Agency Website: https://www.federalreserve.gov/. Follow the instructions for submitting
comments at https://www.federalreserve.gov/apps/foia/proposedregs.aspx.

•

E-mail: regs.comments@federalreserve.gov. Include the OMB number or FR number in the
subject line of the message.

•

FAX: (202) 452-3819 or (202) 452-3102.

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Mail: Federal Reserve Board of Governors, Attn: Ann E. Misback, Secretary of the Board,
Mailstop M-4775, 2001 C St NW, Washington, DC 20551.
All public comments are available from the Board’s website at

https://www.federalreserve.gov/apps/foia/proposedregs.aspx as submitted, unless modified for
technical reasons or to remove personally identifiable information at the commenter’s request.
Accordingly, comments will not be edited to remove any confidential business information,
identifying information, or contact information. Public comments may also be viewed
electronically or in paper in Room M-4365A, 2001 C St NW, Washington, DC 20551, between
9:00 a.m. and 5:00 p.m. on weekdays, except for Federal holidays. For security reasons, the

Board requires that visitors make an appointment to inspect comments. You may do so by calling
(202) 452-3684. Upon arrival, visitors will be required to present valid government-issued photo
identification and to submit to security screening in order to inspect and photocopy comments.
Additionally, commenters may send a copy of their comments to the Office of
Management and Budget (OMB) Desk Officer for the Federal Reserve Board, Office of
Information and Regulatory Affairs, Office of Management and Budget, New Executive Office
Building, Room 10235, 725 17th Street, NW, Washington, DC 20503, or by fax to (202) 3956974.
FOR FURTHER INFORMATION CONTACT: Federal Reserve Board Clearance Officer –
Nuha Elmaghrabi – Office of the Chief Data Officer, Board of Governors of the Federal Reserve
System, nuha.elmaghrabi@frb.gov, (202) 452-3884.
SUPPLEMENTARY INFORMATION: On June 15, 1984, OMB delegated to the Board
authority under the Paperwork Reduction Act (PRA) to approve and assign OMB control
numbers to collections of information conducted or sponsored by the Board. In exercising this
delegated authority, the Board is directed to take every reasonable step to solicit comment. In
determining whether to approve a collection of information, the Board will consider all
comments received from the public and other agencies.
During the comment period for this proposal, a copy of the proposed PRA OMB
submission, including the draft reporting form and instructions, supporting statement (which
contains more detail about the information collection and burden estimates than this notice), and
other documentation, will be made available on the Board’s public website at
https://www.federalreserve.gov/apps/reportingforms/home/review or may be requested from the
agency clearance officer, whose name appears above. On the page displayed at the link above,
you can find the supporting information by referencing the collection identifier, FR Y-7N, FR Y7NS, and FR Y-7Q. Final versions of these documents will be made available at
https://www.reginfo.gov/public/do/PRAMain, if approved.

Request for Comment on Information Collection Proposals
The Board invites public comment on the following information collections, which are being
reviewed under authority delegated by the OMB under the PRA. Comments are invited on the
following:
a. Whether the proposed collections of information are necessary for the proper
performance of the Board’s functions, including whether the information has practical
utility;
b. The accuracy of the Board’s estimate of the burden of the proposed information
collections, including the validity of the methodology and assumptions used;
c. Ways to enhance the quality, utility, and clarity of the information to be collected;
d. Ways to minimize the burden of information collection on respondents, including through
the use of automated collection techniques or other forms of information technology; and
e. Estimates of capital or startup costs and costs of operation, maintenance, and purchase of
services to provide information.
At the end of the comment period, the comments and recommendations received will be
analyzed to determine the extent to which the Board should modify the proposal.
Proposal under OMB Delegated Authority to Extend for Three Years, With Revision, the
Following Information Collections
Collection title: Reports of Foreign Banking Organizations.
Collection identifier: FR Y-7N, FR Y-7NS, and FR Y-7Q.
OMB control number: 7100-0125.
General description of collection: The FR Y-7N and FR Y-7NS collect financial information for
certain non-functionally regulated U.S. nonbank subsidiaries held by foreign banking
organizations (FBOs) other than through a U.S. bank holding company, financial holding
company (FHC), or U.S. bank. For purposes of these reports, an FBO is a foreign bank that
operates a branch, agency, or commercial lending company subsidiary in the United States;

controls a bank in the United States; or controls an Edge corporation acquired after March 5,
1987. FBOs file the FR Y-7N quarterly or annually or the FR Y-7NS annually, predominantly
based on asset size thresholds. The Federal Reserve uses the data collected on the FR Y-7N,
FR Y-7NS, and FR Y-7Q to assess an FBO’s ability to be a continuing source of strength to its
U.S. operations and to determine compliance with applicable U.S. laws and regulations. In
addition, the FR Y-7Q collects consolidated regulatory capital information from all FBOs, which
the Federal Reserve uses to assess the FBO’s ability to be a continuing source of strength to its
U.S. banking operations and to determine compliance with U.S. laws and regulations.
Proposed revisions: The Board proposes to revise the FR Y-7N forms and instructions to be
consistent with adopted changes to U.S. generally accepted accounting principles (GAAP)
related to troubled debt restructurings (TDRs), provisions for credit losses on off-balance sheet
credit exposures, and expected recoveries of amounts previously charged off included within the
allowances for credit losses. The Board also proposes to revise the FR Y-7N and FR Y-7NS
instructions by modifying and clarifying the recordkeeping requirements of the submitted form.
Lastly, the Board proposes to remove the FR Y-7N and Y-7NS from OMB No. 7100-0125 and
transfer to the OMB No. for the Financial Statement of Foreign Subsidiaries of U.S. Banking
Organizations, Financial Statement of U.S. Nonbank Subsidiaries of U.S. Holding Companies
(FR 2314, FR 2314S, FR Y-11, FR Y-11S; OMB No. 7100-0073). The revisions are proposed to
take effect for the December 31, 2024, as-of date. There are no proposed revisions to the FR Y7Q at this time.
Frequency: Quarterly, annually.
Respondents: FBOs.
Total estimated number of respondents: 197.
Total estimated change in burden: 221.
Total estimated annual burden hours: 2,856.

Board of Governors of the Federal Reserve System, June 4, 2024.

Benjamin W. McDonough,
Deputy Secretary and Ombuds of the Board.

[FR Doc. 2024-12554 Filed: 6/6/2024 8:45 am; Publication Date: 6/7/2024]